Lloyds announces more job losses

10 May 2013

Lloyds Banking Group has announced it is planning a further 850 job cuts and will close a large office in Essex.

The bank revealed the majority of job losses will occur when the Southend office closes, with the rest being taken from its commercial and insurance operations.

Lloyds is currently trying to reduce costs and lowering staff numbers is part of its overall plan.

The company has already announced 2,750 job losses this year and has said it hopes the majority of them will be voluntary, with compulsory redundancy being "a last resort".

In a statement, Lloyds said: "All affected employees have been briefed by their line manager today. The group's recognised unions were consulted prior to this announcement and will continue to be consulted."

However, the Unite union said it was "no way to treat staff" and claimed workers are in "constant fear" that they will lose their job, despite the bank celebrating a return to profit.

By Tony Aynsley

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